Within one week since December 16, the Ethereum price surged from $83 to $138, by just over 66 percent and a nice upward move above the $0.3500 resistance in ripple price against the US Dollar.
Hsaka, a cryptocurrency technical analyst, suggested that Ethereum is a better asset to short because of its high volatility and recent rally.
The XRP/USD pair even broke the $0.3820 resistance, but it struggled to clear the $0.3950 and $0.4000 resistances. Later, it corrected lower, but the $0.3450-0.3500 area acted as a strong support. It bounced back and traded back above $0.3650 plus the 100 hourly simple moving average.
Looking at the chart, ripple may soon break the price of $0.4000 resistance. The next major hurdles are at $0.4120 and $0.4200, followed by $0.4320.
And about Bitcoin, a cryptocurrency trader with the online alias “The Crypto Dog” explained that Bitcoin is facing several major resistance levels in the range of $4,000 to $6,000 and until the dominant cryptocurrency breaks out of that range, it is difficult to call a bottom in the cryptocurrency market.